In Vitro Diagnostics - Taiwan | Statista Market Forecast

The projected revenue for the In Vitro Diagnostics market market in Taiwan is estimated to reach US$429.10m by the year 2024.
It is expected to demonstrate an annual growth rate of 2.88% during the period 2024-2029, leading to a market volume of US$494.60m by 2029.
In terms of global comparison, the United States is anticipated to generate the highest revenue, with a projected amount of US$30.10bn in 2024.
Taiwan's In Vitro Diagnostics market is driven by a strong emphasis on preventive healthcare and a high demand for cancer screening tests.

Definition:
The market In Vitro Diagnostics (IVD) consists of medical instruments and accessories used to perform tests with the help of biological samples. In Vitro Diagnostics provide valuable information used for detection, prognosis, prevention, and therapeutic monitoring of diseases.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Roche Diagnostics, Abbott Laboratories, Danaher, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Molecular diagnosis
Immunoassays
Clinical chemistry
Microbiology
Hematology

Services (i.e., treatment expenses)
Imaging diagnostics

The In Vitro Diagnostics market in Taiwan is experiencing significant growth and development.

Customer preferences: Customers in Taiwan are increasingly seeking advanced and accurate diagnostic solutions. They value high-quality medical services and are willing to invest in cutting-edge technologies that can provide accurate and reliable results. Additionally, there is a growing demand for personalized medicine, which requires advanced diagnostic tools to determine the most effective treatment options for individual patients.

Trends in the market: One of the key trends in the In Vitro Diagnostics market in Taiwan is the increasing adoption of molecular diagnostics. This technology allows for the detection of genetic and molecular changes in the body, enabling early diagnosis and targeted treatment of diseases such as cancer. The demand for molecular diagnostics is driven by its ability to provide more accurate and precise results compared to traditional diagnostic methods. Moreover, there is a rising trend towards point-of-care testing, which allows for faster diagnosis and treatment decisions at the patient's bedside. This is particularly important in emergency situations or in remote areas where access to healthcare facilities may be limited.

Local special circumstances: Taiwan has a well-developed healthcare system with a high level of healthcare expenditure. The government has been actively promoting the development and adoption of innovative medical technologies, including In Vitro Diagnostics. This support from the government has created a favorable environment for the growth of the In Vitro Diagnostics market in Taiwan. Additionally, Taiwan has a strong manufacturing base and a skilled workforce, which enables the production of high-quality diagnostic products at competitive prices.

Underlying macroeconomic factors: Taiwan's aging population is a significant driver of the In Vitro Diagnostics market. As the population ages, the prevalence of chronic diseases such as cardiovascular diseases, cancer, and diabetes increases, leading to a higher demand for diagnostic tests. Furthermore, the increasing healthcare expenditure in Taiwan, coupled with the growing awareness of the importance of early disease detection, is fueling the demand for In Vitro Diagnostics. Additionally, the strong economic growth and rising disposable incomes in Taiwan are enabling more people to afford advanced diagnostic tests. In conclusion, the In Vitro Diagnostics market in Taiwan is experiencing significant growth and development due to customer preferences for advanced and accurate diagnostic solutions, the increasing adoption of molecular diagnostics and point-of-care testing, the support from the government, and the underlying macroeconomic factors such as an aging population and increasing healthcare expenditure.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.